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Acquisition Offers Distribution and Point-of-Sale Merchant Services and Digital Products to Bodega and Convenience Store Sector
NEW YORK, NY / ACCESSWIRE / June 15, 2023 / The OLB Group, Inc. (NASDAQ:OLB), a leading FinTech provider of Fintech, digital assets and payment solutions, purchased 80.1% of the parent, LLC, will enable OLB Group to focus on the underbanked communities utilizing the SDI platform following the purchase of the majority interest. Adding the SDI network to its offerings will enables OLB Group to provide the owners of the merchant locations the ability to reload cash to their account and provide instant access to digital products to their customers' Mobile App and digital wallet into its electronic portal.
OLB Group plans to market to the SDI network, which currently has approximately 31,600 locations in the USA, the ability of having one POS system that will allow the retail customer to purchase products and reload their mobile phone minutes.
Ronny Yakov, CEO of OLB Group, said, "After the initial expansion of the SDI network into the New York, New Jersey, Connecticut tri-state area, OLB Group's initial goal is to sign up 1,000 new targeted prime locations, including convenience stores and ‘bodegas', especially those locations near mass transit stations, with OLB Group as the full-service point of sale provider."
OLB plans to re-brand the platform and make it part of the OLB Payment Platform and ECO Payment system and offer additional services to compliment the store owners from instant loans and services to their network of customers.
Jeff Jorgge, Vice President of Sales at OLB Group, recently joined OLB Group to lead this project of selling the product offerings in the SDI Network to small convenience stores and "bodegas" nationwide, is uniquely qualified given his 15 years of industry experience and has done similar work with several major companies.
Mr. Jorgge stated, "I have been involved in indirect channel distribution for the past 15 years in the New York, New Jersey and Connecticut area and am very excited about all the additional unique services that OLB will bring to the merchants on the SDI network.The OLB Group applications of in-store and on-mobile online App and will help to bridge the digital divide for the unbanked, underbanked, and underserviced population."
OLB Group will offer additional products and programs to the list of services to be offered to the store owners, including wallets with instant credit loaded based on approvals, issuing loans and a prepaid General Purpose Reloadable (GPR) program supporting the SDI wireless brands (Black Wireless and Mango Mobile) with a rebate program that will enable SDI to subsidize some of their current wireless programs through its master distributors and dealers.
Posted In: OLB
